Finance Act 2003

Contents

7,938 provisions, too many to show on one page. Open a part or section to read it with its history and connections, or search inside the text.

1. Part 1 · Excise duties
   1. Alcoholic liquor duties
   2. Betting and gaming duties
   3. Hydrocarbon oil duties
   4. Tobacco products duty
   5. Vehicle excise duty
2. Part 2 · Value added tax
   1. 17 Requirement of evidence or security
   2. 18 Joint and several liability for unpaid VAT of another trader
   3. 19 Face-value vouchers
   4. 20 Supplies arising from prior grant of fee simple
   5. 21 Business gifts
   6. 22 Non-business use of business property
   7. 23 Supply of electronic services in member States: special accounting scheme
3. Part 3 · Taxes and duties on importation and exportation: penalties
   1. Evidence
   2. Preliminary
   3. Appeals and reviews
   4. Demand notices
   5. Miscellaneous and supplementary
   6. Reduction of amount of penalty
   7. The penalties
4. Part 4 · Stamp duty land tax
   1. Anti-avoidance
   2. Compliance
   3. Introduction
   4. Reliefs
   5. Amount of tax chargeable
   6. Application of provisions
   7. Chargeable interests, chargeable transactions and chargeable consideration
   8. Final provisions
   9. Increased rates for non-resident transactions
   10. Interpretation etc
   11. Land transactions
   12. Liability for and payment of tax
   13. Returns and other administrative matters
   14. Supplementary provisions
5. Part 5 · Stamp duty
   1. 125 Abolition of stamp duty except on instruments relating to stock or marketable securities
   2. 126 Circumstances in which group relief withdrawn
   3. 127 Circumstances in which relief for company acquisitions withdrawn
   4. 128 Exemption of certain leases granted by registered social landlords
   5. 129 Relief for certain leases granted before section 128 has effect
   6. 130 Registered social landlords: treatment of certain leases granted between 1st January 1990 and 27 March 2000
6. Part 6 · Income tax and corporation tax: charge and rate bands
   1. Corporation tax
   2. Income tax
7. Part 7 · Income tax, corporation tax and capital gains tax: general
   1. Miscellaneous
   2. Capital allowances and related matters
   3. Chargeable gains
   4. Employment income and related matters
   5. Life insurance and pensions
   6. Taxation of non-resident companies and related matters
8. Part 8 · Other taxes
   1. Climate change levy
   2. Inheritance tax
   3. Insurance premium tax
   4. Landfill tax
9. Part 9 · Miscellaneous and supplementary provisions
   1. Supplementary
   2. Administrative matters
   3. International matters
   4. National Savings
   5. Other financial matters
   6. Provisions consequential on changes to company law
10. Schedule 1 · VAT: face-value vouchers
    1. (1) In Part 3 of the Value Added Tax Act 1994...
    2. (2) After Schedule 10 to that Act insert— SCHEDULE 10A Face-value...
    3. (3) In Schedule 6 to the Value Added Tax Act 1994...
    4. (4) The amendments made by this Schedule apply to supplies of...
11. Schedule 2 · Supply of electronic services in member States: VAT special accounting scheme
    1. Introductory
    2. Insertion of new section 3A
    3. Persons registered under Schedule 1
    4. The special accounting scheme
12. Schedule 2A · Transactions entered into before completion of contract
    1. Pre-completion transactions
    2. Other key expressions
    3. Tax not charged on transferee by reason of the pre-completion transaction
    4. Assignments of rights: application of rules about completion and consideration
    5. Assignment of rights: transferor treated as making separate acquisition
    6. Paragraph 5: effect of rescission etc following substantial performance
    7. Assignment of rights relating to part only of subject-matter of original contract
    8. Assignment of rights: references to “the vendor”
    9. Free-standing transfers: consideration and substantial performance
    10. Meaning of “the vendor”: cases involving free-standing transfers
    11. Paragraph 10: “the first appropriate transaction” and “the original contract”
    12. Minimum consideration rule
    13. The first minimum amount
    14. The second minimum amount
    15. Relief for transferor: assignment of rights
    16. Relief for original purchaser: qualifying subsales
    17. Application of paragraph 16 to successive subsales
    18. Tax avoidance arrangements
    19. Exclusion of transactions from duty to make returns etc
    20. Connected persons
    21. Interpretation of Schedule
13. Schedule 3 · Stamp duty land tax: transactions exempt from charge
    1. No chargeable consideration
    2. Grant of certain leases by registered social landlords
    3. Transactions in connection with divorce etc
    4. Assents and appropriations by personal representatives
    5. Transactions in connection with dissolution of civil partnership etc
    6. Variation of testamentary dispositions etc
    7. Power to add further exemptions
14. Schedule 4 · Stamp duty land tax: chargeable consideration
    1. Money or money’s worth
    2. Value added tax
    3. Postponed consideration
    4. Just and reasonable apportionment
    5. Exchanges
    6. Partition etc: disregard of existing interest
    7. Valuation of non-monetary consideration
    8. Debt as consideration
    9. Cases where conditions for exemption not fully met
    10. Conversion of amounts in foreign currency
    11. Carrying out of works
    12. Provision of services
    13. Land transaction entered into by reason of employment
    14. Obligations under lease
    15. Surrender of existing lease in return for new lease
    16. Reverse premium
    17. Indemnity given by purchaser
    18. Purchaser bearing inheritance tax liability
    19. Purchaser bearing capital gains tax liability
    20. Costs of enfranchisement
    21. Arrangements involving public or educational bodies
15. Schedule 4A · Stamp duty land tax: higher rate for certain transactions
    1. Meaning of “higher threshold interest”
    2. Transactions involving a higher threshold interest
    3. Amount of tax chargeable: higher rate for certain transactions
    4. Acquisitions of interests in the same dwelling through different transactions
    5. Businesses of letting, trading in or redeveloping properties
    6. Meaning of “non-qualifying individual”
    7. Trades involving making a dwelling available to the public
    8. Financial institutions acquiring dwellings in the course of lending
    9. Acquisition under a regulated home reversion plan
    10. Dwellings for occupation by certain employees etc of a relievable business
    11. More about the condition in paragraph 5D(2)(a)
    12. Acquisition by management company of flat for occupation by caretaker
    13. Farmhouses
    14. Qualifying housing co-operatives
    15. Withdrawal of relief
    16. Partnerships: application of paragraph 2 to certain transactions
    17. Modifications for cases involving alternative finance arrangements
    18. Paragraphs 6A and 6B: application where transaction is split under paragraph 2(3)
    19. Alternative finance arrangements: withdrawal of relief
    20. Meaning of “dwelling”
    21. Interpretation
16. Schedule 4ZA · Stamp duty land tax: higher rates for additional dwellings and dwellings purchased by companies
    1. Part 1 Higher rates
    2. Part 2 Meaning of “higher rates transaction”
    3. Part 3 Supplementary provisions
17. Schedule 5 · Stamp duty land tax: amount of tax chargeable: rent
    1. Introduction
    2. Amounts payable in respect of periods before grant of lease
    3. Calculation of tax chargeable in respect of rent
    4. Net present value of rent payable over term of lease
    5. Rent payable
    6. Effect of provision for rent review
    7. Term of lease
    8. Treatment of lease for indefinite term
    9. Temporal discount rate
    10. Tax chargeable in respect of consideration other than rent : general
    11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    12. Increase of rent treated as grant of new lease
    13. Interpretation
18. Schedule 6 · Stamp duty land tax: disadvantaged areas relief
    1. Part 1 Disadvantaged areas
    2. Part 2 Land wholly situated in a disadvantaged area
    3. Part 3 Land partly situated in a disadvantaged area
    4. Part 4 Supplementary
19. Schedule 6A · Relief for certain acquisitions of residential property
    1. (1) Acquisition by house-building company from individual acquiring new dwelling
    2. (2) Acquisition by property trader from individual acquiring new dwelling
    3. (3) Acquisition by property trader from personal representatives
    4. (4) Acquisition by property trader from individual where chain of transactions breaks down
    5. (5) Acquisition by employer in case of relocation of employment
    6. (6) Acquisition by property trader in case of relocation of employment
    7. (7) Meaning of “dwelling”, “new dwelling” and “the permitted area”
    8. (8) Meaning of “property trader” and “principal”
    9. (9) Meaning of “refurbishment” and “the permitted amount”
    10. (10) Connected companies etc
    11. (11) Withdrawal of relief under this Schedule
20. Schedule 6B · Transfers involving multiple dwellings
    1. Introduction
    2. Transactions to which this Schedule applies
    3. Key terms
    4. The relief
    5. The amount of tax chargeable
    6. Adjustment for change of circumstances
    7. What counts as a dwelling
21. Schedule 6C · Stamp duty land tax: relief for special tax sites
    1. Part 1 qualifying land
    2. Part 2 The relief
    3. Part 3 Withdrawal of relief
    4. Part 4 Alternative finance arrangements
    5. Part 5 Power to change when relief is available
22. Schedule 6ZA · Relief for first-time buyers
    1. Part 1 Eligibility for relief
    2. Part 2 The Relief
    3. Part 3 Interpretation
23. Schedule 7 · Stamp duty land tax: group relief and reconstruction and acquisition reliefs
    1. Part 1 Group relief
    2. Part 2 Reconstruction and acquisition reliefs
24. Schedule 7A · Seeding relief
    1. Part 1 Property authorised investment funds
    2. Part 2 Co-ownership ... contractual schemes
    3. Part 3 Interpretation
25. Schedule 8 · Stamp duty land tax: charities relief
    1. Charities relief
    2. Withdrawal of charities relief
    3. Cases where first condition not fully met
    4. Joint purchasers: partial relief
    5. Withdrawal of relief given under paragraph 3A
    6. Partial relief: charity not fully meeting the “qualifying charity” condition
    7. Charitable trusts
26. Schedule 9 · Stamp duty land tax: right to buy, shared ownership leases etc
    1. Right to buy transactions
    2. Shared ownership lease: election for market value treatment
    3. Transfer of reversion under shared ownership lease where election made for market value treatment
    4. Shared ownership lease: election where staircasing allowed
    5. Shared ownership lease: treatment of staircasing transaction
    6. Shared ownership lease: grant not linked with staircasing transactions etc
    7. Shared ownership leases: meaning of “qualifying body” and “preserved right to buy”
    8. Rent to mortgage or rent to loan: chargeable consideration
    9. Shared ownership trust: introduction
    10. Shared ownership trust: “purchaser”
    11. Shared ownership trust: election for market value treatment
    12. Shared ownership trust: treatment of staircasing transaction
    13. Shared ownership trust: treatment of additional payments where no election made
    14. Shared ownership trust: declaration not linked with staircasing transactions etc
    15. Rent to shared ownership lease: charge to tax
    16. Rent to shared ownership trust: charge to tax
    17. Relief for first-time buyers: shared ownership lease where election made
    18. Relief for first-time buyers: shared ownership lease where no election made
    19. Relief for first-time buyers: shared ownership trust where no election made
    20. No relief for first-time buyers for staircasing transactions etc
27. Schedule 9A · Increased rates for non-resident transactions
    1. Part 1 Introduction
    2. Part 2 Meaning of “non-resident transaction”
    3. Part 3 “Non-resident” in relation to a chargeable transaction: individuals
    4. Part 4 “Non-resident” in relation to a chargeable transaction: companies
    5. Part 5 Special rules for particular purchasers and transactions
    6. Part 6 Supplementary provision
28. Schedule 10 · Stamp duty land tax: returns, enquiries, assessments and appeals
    1. Part 1 Land transaction returns
    2. Part 2 Duty to keep and preserve records
    3. Part 3 Enquiry into return
    4. Part 4 Revenue determination if no return delivered
    5. Part 5 Revenue assessments
    6. Part 6 Relief in case of overpaid tax or excessive assessment
    7. Part 7 Reviews and appeals
29. Schedule 11 · Stamp duty land tax: record-keeping where transaction is not notifiable
    1. Part 1 General
    2. Part 2 Duty to keep and preserve records
    3. Part 3 Enquiry into self-certificate
30. Schedule 11A · Stamp duty land tax: claims not included in returns
    1. Introductory
    2. Making of claims
    3. Duty to keep and preserve records
    4. Preservation of information etc
    5. Amendment of claim by claimant
    6. Correction of claim by Revenue
    7. Giving effect to claims and amendments
    8. Notice of enquiry
    9. Notice to produce documents etc for purposes of enquiry
    10. Appeal against notice to produce documents etc
    11. Penalty for failure to produce documents etc
    12. Completion of enquiry
    13. Direction to complete enquiry
    14. Giving effect to amendments under paragraph 11
    15. Appeals against amendments under paragraph 11
    16. Jurisdiction of Commissioners
31. Schedule 12 · Stamp duty land tax: collection and recovery of tax
    1. Part 1 General
    2. Part 2 Court proceedings
32. Schedule 13 · Stamp duty land tax: information powers
    1. Part 1 Power of authorised officer to call for documents or information from taxpayer
    2. Part 2 Power of authorised officer to call for documents from third party
    3. Part 3 Power to call for papers of tax accountant
    4. Part 4 Restrictions on powers under Parts 1 to 3
    5. Part 5 Powers of board to call for documents or information
    6. Part 6 Order of judicial authority for the delivery of documents
    7. Part 7 Entry with warrant to obtain evidence of offence
    8. Part 8 Falsification etc of documents
33. Schedule 14 · Stamp duty land tax: determination of penalties and related appeals
    1. Determination of penalties and appeals
    2. Determination of penalty by officer of the Board
    3. Alteration of penalty determination
    4. Liability of personal representatives
    5. Appeal against penalty determination
    6. Further appeal
    7. Penalty proceedings before the court
    8. Time limit for determination of penalties
34. Schedule 15 · Stamp duty land tax: partnerships
    1. Part 1 General provisions
    2. Part 2 Ordinary partnership transactions
    3. Part 3 Transactions to which special provisions apply
35. Schedule 16 · Stamp duty land tax: trusts and powers
    1. Meaning of “settlement” and “bare trust”
    2. Interests of beneficiaries under certain trusts
    3. Bare trustee
    4. Acquisition by trustees of settlement
    5. Responsibility of trustees of settlement
    6. Relevant trustees for purposes of return etc
    7. Consideration for exercise of power of appointment or discretion
36. Schedule 17 · Stamp duty land tax: General and Special Commissioners, appeals and other proceedings
    1. General and Special Commissioners: application of general provisions
    2. Prescribed matters to be determined by Commissioners or Lands Tribunal
    3. General or Special Commissioners: jurisdiction
    4. Proceedings brought out of time
    5. Quorum etc of the Commissioners
    6. Procedure
    7. Consequences of determination by the Commissioners
    8. Costs
    9. Finality of decisions of the Commissioners
    10. Publication of reports of decisions
    11. Supplementary provisions
37. Schedule 17A · Further provisions relating to leases
    1. Meaning of “lease”
    2. Leases for a fixed term
    3. Leases that continue after a fixed term
    4. Treatment of leases for indefinite term
    5. Treatment of successive linked leases
    6. Rent
    7. Variable or uncertain rent
    8. First rent review in final quarter of fifth year
    9. Adjustment where rent ceases to be uncertain
    10. Rent for overlap period in case of grant of further lease
    11. Backdated lease granted to tenant holding over
    12. Tenants' obligations etc that do not count as chargeable consideration
    13. Cases where assignment of lease treated as grant of lease
    14. Assignment of lease: responsibility of assignee for returns etc
    15. Agreement for lease
    16. Assignment of agreement for lease
    17. Increase of rent treated as grant of new lease: variation of lease in first five years
    18. Increase of rent treated as grant of new lease: abnormal increase after fifth year
    19. Increase of rent after fifth year: whether regarded as abnormal
    20. Reduction of rent or term or other variation of lease
    21. Surrender of existing lease in return for new lease
    22. Assignment of lease: assumption of obligations by assignee
    23. Reverse premium
    24. Loan or deposit in connection with grant or assignment of lease
    25. Provisions relating to leases in Scotland
38. Schedule 18 · Stamp duty land tax: consequential amendments
    1. Provisional Collection of Taxes Act 1968
    2. Inheritance Tax Act 1984
    3. Income and Corporation Taxes Act 1988
    4. Finance Act 1989
    5. Taxation of Chargeable Gains Act 1992
    6. Income Tax (Earnings and Pensions) Act 2003
39. Schedule 19 · Stamp duty land tax: commencement and transitional provisions
    1. Introduction
    2. The implementation date
    3. Contract entered into before first relevant date
    4. Contract substantially performed before implementation date
    5. Contracts substantially performed after implementation date
    6. Application of provisions in case of transfer of rights
    7. Credit for ad valorem stamp duty paid
    8. Effect for stamp duty purposes of stamp duty land tax being paid or chargeable
    9. Earlier related transactions under stamp duty
    10. Stamping of contract where transaction on completion subject to stamp duty land tax
    11. Stamping of agreement for lease where grant of lease subject to stamp duty land tax
    12. Exercise of option or right of pre-emption acquired before implementation date
    13. Supplementary
40. Schedule 20 · Stamp duty: restriction to instruments relating to stock or marketable securities
    1. Part 1 Supplementary provisions
    2. Part 2 Consequential amendments and repeals
41. Schedule 21 · Approved share plans and schemes
    1. Part 1 Share incentive plans
    2. Part 2 SAYE option schemes
    3. Part 3 CSOP schemes
42. Schedule 22 · Employee securities and options
    1. Introductory
    2. Main provisions
    3. Paye
    4. Consequential amendments
    5. Consequential amendments of other enactments
43. Schedule 23 · Corporation tax relief for employee share acquisition
    1. Part 1 General provisions
    2. Part 2 Award of shares
    3. Part 3 Grant of option
    4. Part 4 Provisions applying in case of restricted shares
    5. Part 4A Provisions applying in case of convertible shares
    6. Part 5 Supplementary provisions
    7. Part 6 Commencement and transitional provisions
44. Schedule 24 · Restriction of deductions for employee benefit contributions
    1. Restriction of deductions
    2. “Provision of qualifying benefits”
    3. “Qualifying expenses”
    4. Payment “out of” employee benefit contributions
    5. Transfer of asset to employee
    6. Provisional calculation of profits
    7. Life assurance business
    8. Deductions to which Schedule does not apply
    9. Interpretation
    10. Consequential amendments
    11. Commencement and transitory provisions
45. Schedule 25 · Determination of profits attributable to permanent establishment: supplementary provisions
    1. The Schedule inserted in the Taxes Act 1988 as Schedule...
46. Schedule 26 · Non-resident companies: transactions through broker, investment manager or Lloyd’s agent
    1. Introduction
    2. Brokers
    3. Investment managers
    4. Investment managers: the 20% rule
    5. Investment managers: application of 20% rule to collective investment schemes
    6. Profits attributable to permanent establishment: disregard of profits of certain investment transactions
    7. Lloyd’s agents
    8. General supplementary provisions
47. Schedule 27 · Permanent establishment etc: consequential amendments
    1. Taxes Act 1988
    2. Taxation of Chargeable Gains Act 1992
    3. Finance Act 1993
    4. Finance Act 1995
    5. Finance Act 1996
    6. Finance Act 2000
48. Schedule 28 · Capital gains tax: reporting limits and annual exempt amount
    1. Part 1 Reporting limits
    2. Part 2 Annual exempt amount
    3. Part 3 Commencement
49. Schedule 29 · Transfers of value: attribution of gains to beneficiaries
    1. Introduction
    2. Scope and scheme of Schedule
    3. Other gains to be brought into Schedule 4C pool
    4. Attribution of gains to beneficiaries
    5. Gains attributed to settlor
    6. Minor and consequential amendments
50. Schedule 30 · First-year allowances for expenditure on environmentally beneficial plant or machinery
    1. Introductory
    2. Types of expenditure for which first-year allowances available
    3. First-year qualifying expenditure on environmentally beneficial plant or machinery
    4. General exclusions affecting first-year qualifying expenditure
    5. Amount of first-year allowances
    6. Penalty for failure to provide information etc
    7. Transitory provision: expenditure incurred etc before first order made
51. Schedule 31 · Tax relief for expenditure on research and development
    1. Part 1 Small and medium-sized enterprises: Schedule 20 to Finance Act 2000
    2. Part 2 Large companies: Part 1 of Schedule 12 to Finance Act 2002
    3. Part 3 Work sub-contracted to SMEs: Part 2 of Schedule 12 to Finance Act 2002
    4. Part 4 Entitlement of SME to certain relief available to large companies
    5. Part 5 Supplementary: amendments to Parts 3 to 6 of Schedule 12 to Finance Act 2002
    6. Part 6 Expenditure on vaccine research etc: Schedule 13 to Finance Act 2002
52. Schedule 32 · Tonnage tax: restrictions on capital allowances for lessors of ships
    1. The ring fence: amendments to the provisions about capital allowances and ship leasing
    2. Consequential amendments
    3. Commencement and temporary provision
53. Schedule 33 · Insurance companies
    1. Case I profits
    2. Rate of tax on policy holders' share of life assurance profits
    3. Chargeable gains
    4. Transfers of business
    5. Meaning of “investment reserve” etc
    6. Meaning of “period of account”
    7. Rationalisation of interpretation provisions
54. Schedule 34 · Policies of life insurance etc: miscellaneous amendments
    1. Part 1 Group life policies
    2. Part 2 Charitable and non-charitable trusts
    3. Part 3 Meaning of “life annuity”
    4. Part 4 Rollover of gain on maturity into new policy
55. Schedule 35 · Gains on policies of life insurance etc: rate of tax
    1. Application of the lower rate
    2. Method of charging gains from policies of life insurance etc to tax
    3. Relief where gain charged at a higher rate
    4. Gains included in aggregate income of estate of deceased
    5. Income to be disregarded in determining highest part of person’s income
56. Schedule 36 · Foster carers
    1. Part 1 Introduction
    2. Part 2 The exemption and the alternative methods of calculation
    3. Part 3 Capital allowances
    4. Part 4 Supplementary
57. Schedule 37 · Loan relationships: amendments
    1. Part 1 Amendments to Schedule 9 to the Finance Act 1996
    2. Part 2 Transitional provisions
58. Schedule 38 · Sale and repurchase of securities etc
    1. Increase of repurchase price of UK securities by amount of deemed manufactured dividend
    2. Deemed manufactured payment where transferor or connected person makes payment representative of dividend
    3. Provisions to cover both “put” and “call” options
    4. Option premium to be reflected in sale price unless brought into account under derivative contracts provisions
    5. Exchange gains and losses
    6. Exceptions
    7. Connected persons
    8. Correction of section 730A(6B) of the Taxes Act 1988
    9. Commencement
59. Schedule 39 · Relevant discounted securities: withdrawal of relief for costs and losses, etc
    1. Withdrawal of relief for incidental costs
    2. Withdrawal of relief for losses
    3. Withdrawal of loss relief: exception for strips of government securities
    4. Extension of provisions about strips to strips of foreign government securities
    5. Consequential amendments
    6. Commencement and transitional provisions
60. Schedule 40 · Acquisition by company of its own shares
    1. Venture capital trusts
    2. Stamp duty and stamp duty reserve tax
61. Schedule 41 · Companies in administration
    1. Accounting period for company in administration
    2. Responsibility of officers of company in administration
    3. Tax on companies in administration
    4. Debit for bad debt where parties connected and creditor insolvent
    5. Commencement
62. Schedule 42 · Controlled foreign companies: exempt activities
    1. Introductory
    2. Companies engaged in wholesale, distributive, financial or service business
    3. Companies engaged in business of banking etc
    4. Interpretation of paragraph 6(2B)
63. Schedule 43 · Repeals
    1. Part 1 Excise duties
    2. Part 2 Value added tax
    3. Part 3 Income tax, corporation tax and capital gains tax
    4. Part 4 Other taxes
    5. Part 5 Miscellaneous